Completion of Securitisation
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Paragon Banking Group PLC ("Paragon" or "the Group") is pleased to announce it has completed its latest securitisation, Paragon Mortgages (No.29) PLC ("PM29"). The arrangers were Santander Corporate & Investment Banking and BofA Securities.
PM29 contains £899 million of prime buy-to-let mortgage assets originated by Paragon Bank PLC and Paragon Mortgages (2010) Limited, creating £747 million of AAA rated senior bonds for the Group. It is expected that the senior bonds will be used as collateral for the Bank of England repo funding facilities and are also available as security for commercial repo transactions with other institutions.
Commenting on today's announcement, Paragon's Chief Executive, Nigel Terrington, said:
"This transaction, Paragon's 67th securitisation, has been fully retained and further enhances our contingent funding capacity, continuing our strategy to diversify sources of funding."
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